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(Medical-NewsWire.com, August 13, 2018 ) North America Clinical Trials market has been estimated at USD 5.65 billion in 2018 and is projected to reach USD 8.08 billion by 2023 at a CAGR of 7.40% during the forecast period from 2018-2023 Clinical Trials is the term used for a study of a drug, therapy, surgical procedure, medical device or of nutrition or behavioral changes in people. Clinical trials assess the safety and efficacies of new therapeutics, drugs, vaccines, devices or other interventions. Before trials are conducted with human participants, they may have previously been studied with laboratory animals like mice or rats, to draw initial conclusions and to judge the safety of the protocol for human patients.
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The market for Clinical Trials is mainly driven due to increasing research and development expenditure of life science and clinical research industries, and wide range of diseases in the market and the number of patients getting affected by them. But, the market growth is restrained due to shrinking clinical research workforce and certain complications in the regulatory affairs.
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North America market for Clinical Trials is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, Phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
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Geographically, North America market for Clinical Trials is segmented into U.S. and Canada. North America is the biggest market in terms of market share across the globe. Ample availability of funds to outsource clinical trials serves as the major growth driver for the North America. Most companies are outsourcing the clinical trials of their newly developed drugs to various contract research organizations as this could save them the hassles of regulatory issues and patient recruitment burden from the research and development phase.
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Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River, are the major players of North America Clinical Trials market.
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